Paycheck Protection Program (PPP)
Re-Opening Next Week
The U.S. Small Business Administration (SBA), in consultation with the U.S. Treasury Department, announced today that the Paycheck Protection Program (PPP) will re-open the week of January 11 for new borrowers and certain existing PPP borrowers. To promote access to capital, initially only community financial institutions will be able to make First Draw PPP Loans on Monday, January 11, and Second Draw PPP Loans on Wednesday, January 13. The PPP will open to all participating lenders shortly thereafter.

Key PPP updates include:

  • PPP borrowers can set their PPP loan’s covered period to be any length between 8 and 24 weeks to best meet their business needs;
  • PPP loans will cover additional expenses, including operations expenditures, property damage costs, supplier costs, and worker protection expenditures;
  • The Program’s eligibility is expanded to include 501(c)(6)s, housing cooperatives, destination marketing organizations, among other types of organizations;
  • The PPP provides greater flexibility for seasonal employees;
  • Certain existing PPP borrowers can request to modify their First Draw PPP Loan amount; and
  • Certain existing PPP borrowers are now eligible to apply for a Second Draw PPP Loan

A borrower is generally eligible for a Second Draw PPP Loan if the borrower:

  • Previously received a First Draw PPP Loan and will or has used the full amount only for authorized uses;
  • Has no more than 300 employees; and
  • Can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020.

As always the NCCC Small Business Development Center is available to offer FREE loan application guidance or to assist you with the application process. You can request business assistance through their website at www.niagaracc.suny.edu/sbdc/, or contact them directly at (716) 210-2515 or at SBDC@niagaracc.suny.edu.
Global Business Academy Slated to Begin January 27, 2021
GLOBAL BUSINESS ACADEMY

World Trade Center Buffalo Niagara’s Global Business Academy (GBA) is a new program for companies getting started in export, or enhancing their existing export international business. Through this ten-week course, companies will be educated by experts from the bi-national Buffalo Niagara region, enjoy 1-on-1 mentoring relationships and create their own export plan.

All educational courses and mentoring sessions will be delivered via Zoom. The GBA will also feature “open office hours,” enabling participants to interact and get questions answered in a group setting as they complete their export plans.

GBA participants should expect lots of relevant information, worthwhile interactions with speakers, mentors and peer companies, and game-changing strategies to grow your business.

Topics To Be Covered

Export Plan Development
International Trade Resources
Sales
International Marketing
Finance
Insurance
Legal Protection
International Tax
Process
Logistics and Supply Chain
E-Commerce

More information and registration information is available at www.wtcbn.com/events/gba
Stay Engaged for the
Latest Businesses Developments
Continue to look for emails from our office in the coming days and weeks updating you on the latest reopening news and what assistance is available to help you through this difficult time. Our staff is working hard to compile a complete list of guidelines, safety protocols and programs that are available. We will also share upcoming webinars and training that you can participate in. To learn more, be sure to visit our website and bookmark it.
Sincerely,

Niagara County Center for Economic Development
(716) 278-8750